BEYOND

August 2013

THE RESTRUCTURE PLAN…

Background

2009 • Atlatsa (ATL) and Anglo American Platinum (APL) create Bokoni Platinum Group – sustainable BEE controlled PGM producer

• Key empowerment transformation transaction for APL and ATL

• Transaction premised upon key operational and financial assumptions

2012 • New management team appointed at Bokoni

• Bokoni Management, APL and ATL undertake strategic review of operational and financial plan at Bokoni, having regard outlook for PGM sector in general

• Strategic review results in APL and ATL agreeing to revised restructure plan

2013 • Revised restructure plan announced

| August 2013Beyond the restructure plan...1

New operational plan: 2013 - 2020

• Brakfontein and MPH to ramp up to steady state production of 100 000tpm and 60 000tpm respectively

• Open cast Merensky production to fill mill gap whilst u/g operations ramp up

• Unit cost of production reduces as volumes increase at more efficient Brakfontein and MPH operations

• Production volumes scaled to installed mill capacity

• Capex focused on two growth projects

• Merensky 70% of total production

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0

500

1 000

1 500

2 000

2 500

-

50.00

100.00

150.00

200.00

250.00

300.00

2013 2014 2015 2016 2017 2018 2019 2020 2021

Tonnes

4E O

z (0

00)

Production profile

Opencast oz Underground oz Tonnes milled (000)

New open cast mine

• Merensky reef (platinum rich)

• Six-year life at 40 000tpm with opportunity to increase production and LOM

• 50% operating cost of underground mining

• Fills mill gap to 160ktpm over next six years

• Reduces Bokoni’s unit costs

• Initial box cut completed Q2 2013

• Steady state 40 000tpm by Sept 2013

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One year later: operational improvements

• Improved performance of all key operational parameters

• New management demonstrated continuous improvement for the last five quarters

• Operational improvements achieved through:

• technical improvements

• human and social capital improvements

| August 2013Beyond the restructure plan...4

Parameters Q2 2013 vsQ2 2012

M2 20%

Primary development (m) -8%

Re development (m) 64%

Efficiency (m2/crew) 22%

Tons milled 25%

Ounces produced 25%

Technical improvements

• Pothole management • predictive tools for better planning of crew scheduling• 6-month rolling plan on monthly basis to track IMS• increased number of re and sub development crews

• Ledging• number of ledging crews increased• pre-equipped panels

• Increase in reef development• winzing at MPH

• Infrastructure enhancements• upgrading rails at Vertical shaft• water control at Brakfontein• box and belt installation improvements• standardised support layout

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Developing our human and social capital

• New crew leave cycles

• New productivity linked bonus incentive

• Improved direct communication with employees

• Community involvement:

• SMME development

• CSR projects

• new employee wellness programme

| August 2013Beyond the restructure plan...6

Financial improvements

• Major focus on unit cost reductions through:• improved volumes• no increase in employee numbers• improved efficiencies• cost-cutting initiatives

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-

10 000

20 000

30 000

40 000

50 000

60 000

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

16 000

AverageFY 2011

AverageFY 2012

ActualQ1 2013

ActualQ2 2013

ForecastQ3 2013

ForecastQ4 2013

4E oz

R/4

E O

z

Bokoni: quarterly 4E unit cost performance

Project expansion capital

SIB capital

Opex

Basket price

4E oz

0

50

100

150

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300

-

2 000

4 000

6 000

8 000

10 000

12 000

14 000

2013 2014 2015 2016 2017 2018 2019 2020 2021

4E oz (000)R/4

E oz

Opex/4E oz SIB/4E oz

Project expansion capital/4E Oz 4E oz (000)

Capex intensive phaseBrak MER & MPH UG2 expansions

Expansion projects: Brakfontein Merensky

| August 2013Beyond the restructure plan...8

L 6

L 7

Decline Development

continuing below 6 level

½ Level development to steady state on

L5 &6

Steady State ½ Levels 2,3,4

Expansion projects: Middelpunt Hill UG2

| August 2013Beyond the restructure plan...9

Decline Development

continuing below2 level

L2

L3

½ Level development to

steady state on L2

Steady State ½ Levels 0&1 and adits

Capital: expenditure and efficiency

| August 2013Beyond the restructure plan...10

0

50

100

150

200

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300

0

100

200

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400

500

600

2013 2014 2015 2016 2017 2018 2019 2020 2021

4E oz(000)R

(mill

ions

)

SIB Project capital 4E oz

Project capex: R1 billion

R1 billion project capex = additional 100 000 PGM oz/annum

Capital structure: post 2013 restructuring

• Equity:• Anglo Platinum owns:

• 22.5% of Atlatsa Resources• 49% of Bokoni Platinum Holdings

• Debt: • Atlatsa Resources – Anglo Platinum

• $120m opening balance• $35m additional facilities

• Atlatsa Holdings – Anglo Platinum• $46m opening balance

• Term: 2013-2020• Cost of borrowing: 2% average

| August 2013Beyond the restructure plan...11

Atlatsa Holdings (BEE) Public , ESOP &Community Trusts

Atlatsa Resources Anglo Platinum

Bokoni PlatinumHoldings

Bokoni Platinim Mine

62% 15.5%

49%51%

100%

22.5%

Debt $120m

Atlatsa: investment case

• Junior PGM producer progressing to a mid-tier producer

• 100% growth target over next 5 years from 2012 base

• Comparatively low capital requirement to fund growth

• Fully financed at attractive debt coupon

• Quality orebody with Merensky focus

• Strong management team with successful track record

| August 2013Beyond the restructure plan...12

THE RESTRUCTURE PLAN…BEYOND

August 2013